Wake up call to governments on home ownership

A new report on declining home ownership should serve as a wake-up call to governments on the case for fixing housing supply and affordability, according to the Property Council.

The Household, Income and Labour Dynamics in Australia Survey, from the University of Melbourne forecasts that as soon as next year, less than half of all adults in Australia will own a home with a particularly acute problem among young people.

“Decreasing home ownership is a damning report card on the collective failure of governments to act,” said Jancey Malins, Illawarra Regional Manager of the Property Council.

“Housing affordability has remained a public policy orphan for too long and there is a compelling case for change given the acute problem being faced across the board.

“This report shows that median household income among those in their 20s and 30s has flat lined in recent years, while those over 60 years have been the primary beneficiaries of the increase in house prices. This is entrenching income inequality between the generations, and putting home ownership out of reach for many first home buyers.

“We need strong leadership from both the Commonwealth and State Governments to provide action and deliver real policy outcomes.

“The NSW planning system is in desperate need of an overhaul of the dysfunctional systems that add to the time, cost and red tape of driving much needed housing supply,” concluded Ms Malins.